RICHMOND, Va. — A joint CUNA and NAFCU legal brief supporting NCUA in its legal case against the Coalition For Credit Union Charter Options charges the organization is a "stalking horse" for banks.
The CCUCO is appealing a previous Federal District Court ruling which threw out its legal effort to throw out the NCUA's regulations governing the credit union to bank charter conversion process.
In their brief supporting the agency, the associations suggested that CUCCO's reluctance to disclose the names of its members left it open to doubt about the honesty of its declarations to the court.
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"The Coalition's silence concerning its membership, and its failure to disclose its ties to the banking industry suggest the possibility that the Coalition is not acting as a representative of its alleged credit union members but rather is a stalking horse for members of the thrift banking and mutual savings bank conversion industries that seek to encourage credit unions to convert to bank," the associations wrote in their filing.
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